The Financial Conduct Authority says it has cancelled the permissions of adviser firm Sovereign Worldwide Ltd, declaring that the firm is failing to have adequate resources.
In a final notice, dated 4 July, the FCA said that following a decision notice on 4 March 2013 given to sole trader Amir Khan, the authority has decided to withdraw his approval to perform controlled functions in relation to Sovereign. The FCA said that he lacks fitness and propriety in terms of his honesty, integrity, competence and capability.
Mr Khan has not referred the decision to withdraw his individual approval to the Upper Tribunal.
The FCA said that as a result, Edinburgh-based Sovereign is failing, and will continue to fail, to have adequate resources as a result of having inadequate human resource in relation to the regulated activities that it did as well as failing to “satisfy the authority that it is fit to have permission due to its connection with Mr Khan”.
The final notice said: “As Sovereign is failing, and will continue to fail, to satisfy the threshold conditions, the authority hereby cancels its permission.”
However, at the time of writing the Financial Services Register said Sovereign is authorised and that it has applied to cancel its permissions.
The register also said Mr Khan is active and has a CF1 director function.